RV Loan Interest Deduction yes or no?
Hello all, I did some research and even read the actual text of the new tax law. Maybe I missed it but I have been unable to find a concise answer....So....Does anyone know if: 1. IS Second hom...
Forum Discussion
Well of course you don't remember any medical deductions. You have been on Tricare, right? But what of those that are self employed and get hit with $1200 a month medical insurance premiums, even before the also have out of pocket expenses?
And you have permanent license plates? Must be related to your service also. I just never took advantage of that stuff myself, being a VN vet, medically retired, U.S. Army. Just never felt that anyone owed me anything and that should be reserved for the most deserving of the brothers and sisters who served.
The problem is a severe case of myopia on the part of many people, that everyone just has a 40 hr a week job they go to each day, and that everyone has the same existence as they do.
I, for one, just lost roughly a $14,000 a year deduction for my meals and such when on the road for my job, thanks to this new bill. Add in the over $6000 a year in charitable contributions and a host of other deductions, and the $24K standard deduction seems pretty pale in comparison. And the bill did very little to do away with the Alternative Minimum Tax that equates to double taxation on income.
Oh... and that corporations only getting hit for 20% tax? Not for those of us with small businesses with LLC or S Corp structures with pass thru. (think Mom and Pop business type of operations). That rate is 25%. Oh boy, keep my feet from dancing that I will get hit for 5% more in taxes than Apple or General Motors.
And everyone loses the deduction for state and local income taxes they pay. Not a big deal for those with no state or local income tax, but a monumental deal for those in high tax states.
And you have permanent license plates? Must be related to your service also. I just never took advantage of that stuff myself, being a VN vet, medically retired, U.S. Army. Just never felt that anyone owed me anything and that should be reserved for the most deserving of the brothers and sisters who served.
The problem is a severe case of myopia on the part of many people, that everyone just has a 40 hr a week job they go to each day, and that everyone has the same existence as they do.
I, for one, just lost roughly a $14,000 a year deduction for my meals and such when on the road for my job, thanks to this new bill. Add in the over $6000 a year in charitable contributions and a host of other deductions, and the $24K standard deduction seems pretty pale in comparison. And the bill did very little to do away with the Alternative Minimum Tax that equates to double taxation on income.
Oh... and that corporations only getting hit for 20% tax? Not for those of us with small businesses with LLC or S Corp structures with pass thru. (think Mom and Pop business type of operations). That rate is 25%. Oh boy, keep my feet from dancing that I will get hit for 5% more in taxes than Apple or General Motors.
And everyone loses the deduction for state and local income taxes they pay. Not a big deal for those with no state or local income tax, but a monumental deal for those in high tax states.
